How does the generation that coined the term YOLO (you only live once) feel about finances in general? Millennials, born in the Eighties and Nineties, have financial approaches that range from conservative to downright scary.

Here’s some facts on the scary side of the millennial financial picture:

A 2014 Wells Fargo Millennial study found that “45 percent of millennials are not saving for retirement.”One of the primary reasons Millennials are not saving is they are burdened by things like student loans which affects how much cash they have to save.

The millennial generation also has a larger delinquency rate on their bills compared to all other ages. According to a recent study by the American Institute of CPAs, “more than a quarter of millennials surveyed had missed a bill or been contacted by a creditor due to late payments.”

“The average balance for each student loan borrower has grown by 74 percent in the last decade, mushrooming from $15 thousand per person in 2004 to $27 thousand in 2014.” These financial findings from Bloomberg are alarming. And even scarier statistic is that many millennials don’t even think they have student loan debt. A study from the Brookings Institute found that “14 percent of students surveyed who were in student loan debt thought they didn’t have any.” On top of that, another 28 percent “didn’t think they had Federal student loans” – so they didn’t even know what type of loan they received.

For the Millennials who are investing, many are behaving quite conservatively, with an eye toward retirement. They are putting a greater percent of their retirement savings in cash and fixed-income assets than previous generations – the surveyed results range between 40 and 75 percent.

The most striking results from our own Millennial Study to just Millennials feel about investing their money. A full 66 percent of respondents describe themselves as wanting to invest, with 40 percent report wanting to have a financial advisor assist them.

While financial advisors like myself aren’t a requirement for wealth planning, they are a valuable resource in building a sound financial game plan. Follow me on
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Winnie Sun is a registered representative with, and securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Sun Group Wealth Partners, a registered investment advisor and a separate entity from LPL Financial.